Nigeria has boosted daily crude oil output to between 1.7 million and 1.83 million barrels and the number of active drilling rigs from 31 in January to 50 by July, as reforms under President Bola Tinubu begin to unlock investment in the petroleum sector.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced the figures during a keynote address at Africa Energy Week in Cape Town, delivered on behalf of the president.

He said the "Project One Million Barrels" initiative, launched in October 2024, was driving recovery in the upstream sector.

Lokpobiri declared Nigeria "open for business," citing the Petroleum Industry Act as a key reform that has created a transparent and predictable environment for investors.

'Transfers of confidence'

"What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering," he said.

The minister said recent asset divestments by international oil companies had triggered over $5.5 billion in final investment decisions, adding around 200,000 barrels per day to national output.

"These are not just transfers of assets, they are transfers of confidence, capability, and ownership," he said.